Where a property is located in a holiday region, a consideration will be whether to let it as a furnished holiday let or on a longer-term basis. As well as differing rental income, there are tax differences to consider too. Furnished holiday lets From a tax perspective, special rules apply to furnished holiday lets, which…
A popular profits extraction strategy for personal and family companies is to extract a small salary, taking further profits as dividends. Where this strategy is pursued for 2019/20, what level should be the salary be set at to ensure the strategy remain tax efficient? Salary As well as being tax effective, taking a small salary…
To ensure that you pay the correct amount of tax and file correct tax returns with HMRC, it is vital that you keep complete and accurate records. This applies regardless of whether you are running a business as a sole trader or in partnership or operating a limited company. Business records for the self-employed The…
We are able to include Quickbooks Self Employed within our sole trader accounts support package for just £29 per month (Includes a monthly review of figures, year end accounts and tax return). Quickbooks have released a package for sole traders which will allow them to start working more effectively: • Create, send and track invoices on…
What are you doing on Thursday 14th June? We will be exhibiting at the Harlow Business Exhibition hosted by Manor of Groves Hotel, Sawbridgeworth from 10am till 4pm. Come and say hello, it’s free entry and free parking. We will also be answering Xero and QuickBooks questions that you may have. Find out more about…
- Covid-19: Business rate help for smaller businesses
- Making tax-free payment to employees working from home
- Claiming the National Insurance employment allowance for 2020/21
- Profit extraction in 2020/21 – What is the optimal salary?
- Help for Self Employed
- Winding up your personal service company
- COVID-19 Update From HMRC
- IR35 changes for the private sector DELAYED for at least a year
- Budget 2020: In Detail
- Budget 2020: First Thoughts
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Did you know?
The property allowance is a tax exemption of up to £1,000 a year for individuals with income from property. If someone owns a property jointly with others, they are each eligible for the £1,000 allowance against their share of the gross rental income.
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